Skip to content
  • KOSPI 2864.24 -25.86 -0.89%
  • KOSDAQ 943.94 -13.96 -1.46%
  • KOSPI200 381.01 -2.80 -0.73%
  • USD/KRW 1192.3 4.70 0.39%
  • JPY100/KRW 1,040.36 1.66 0.16%
  • EUR/KRW 1,360.18 5.60 0.41%
  • CNH/KRW 187.64 1.01 0.54%
View Market Snapshot
Pension fund

CalSTRS, POBA to form $312.5 mn JV for US multifamily investment: report

Feb 07, 2020 (Gmt+09:00)

California State Teachers’ Retirement System (CalSTRS) and Public Officials Benefit Association (POBA) will set up a $312.5 million joint venture to expand co-investment into equities in US multifamily properties, according to a Korean media report.


The venture will become their third 50:50 JV following two $400 million ventures they launched in 2018 and 2019 respectively to invest in US real estate debts.


CalSTRS and POBA will contribute $150 million each to the new JV which will invest in equities in core-plus multifamily real estates located in 29 cities across the US, the Financial News reported earlier this week.


Apartment manager Fairfield Residential Co., a majority owned by CalSTRS, will commit $12.5 million as a general partner to the venture.


They target a net IRR of about 7% from the new co-investment which will bring their co-investment to $1.1 billion in total.


In Europe’s real estate market, POBA co-invested 800 billion won in Europe’s logistics portfolio with Danish pension fund PFA and Germany’s Patrizia AG in 2019.


Yeonhee Kim edited this article

Comment 0
0/300